Grant Thornton NZ Chairman Supports Transparency

Grant Thornton NZ Chairman Supports Call For Transparency

The past four years have seen the accounting profession undergo its most
profound shift in nearly two decades, says the chairman of Grant Thornton
New Zealand, Warwick Jones.

"The call for the profession to be more open, transparent and accountable
about the way we do business around the world has been a key driver for
growth in firms such as ours as the market has become more fluid and good
practice in business now dictates that companies seek professional services
from a broad range of providers," he says.

Commenting on the publication of Grant Thornton International's second
Annual Review and Transparency report, Warwick Jones says: "Clients of all
sizes have diversified their use of accountants and looked around for more
choice in the market. In New Zealand, as in other markets, we have been
well positioned to benefit from that diversification."

According to the Annual Review, Grant Thornton International member firms,
strong in the mid-cap corporate sector, have wrested audit market share
from the Big Four. And where clients chose to retain a Big Four provider
for audit, Grant Thornton saw growth in specialist services work where they
were able to act for major corporates without the conflict of interest
which hampers the Big Four.

Chief Executive Officer, Grant Thornton International, David McDonnell says
: "The regulatory changes and market shake up of the last few years have
provided Grant Thornton International member firms significant
opportunities for growth. And I see that trend continuing into the
future."

The 2006 Review highlights the performance of the Grant Thornton
International member firms and assesses the current state of the profession
and its prospects. The report also outlines the organisation's management
of quality control and risk management and provides an overview of Grant
Thornton International governance structure.

McDonnell announced continued commitment to Grant Thornton International's
infrastructure and in particular in the key markets of China and India.

He emphasised the importance of continuing the reform of the profession in
coming years: "As a network we have focused on our infrastructure ? and no
other organisation outside the Big Four can match it. But there is no room
for complacency. Public scrutiny and the need for transparent quality
standards mean that we will need to continue our commitment to the
transformation of the profession."

The Annual Review also discusses the steps taken by the profession toward
rebuilding corporate and investor trust. Grant Thornton International has
been at the heart of debates, through the high level involvement from more
than 200 individuals in member firms worldwide, around further
modifications to regulatory regimes, transparency, responsibility and
standards."

ends

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